Paytm cashes in on currency ban, introduces Nearby feature in app

Paytm cashes in on currency ban, introduces Nearby feature in app

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As part of its ongoing mission of helping India go cashless, , India’s largest mobile payments and commerce platform, has introduced the ‘Nearby’ feature on its platform. This will enable customers to get information about their nearest merchant.

Paytm cashes in on demonetization, introduces Nearby feature in app
Nearby will provide a directory of 800,000 offline Paytm merchants and partners across India for customer convenience

The feature will carry a directory of 800,000 Paytm’s offline merchants and partners across India. In the first phase this list is 200,000+ and will continue to grow everyday. Customers will be able to browse through a list of shops and locations near them that offer services like accepting Paytm, adding cash to Paytm wallet and upgrading accounts by doing KYC.

This not only provides convenience to customers but also provides visibility to thousands of small and medium merchants by connecting them to customers.

Commenting on the announcement, DGM, Paytm, said, “Our approach has always been to build an ecosystem that benefits both merchants and customers. I am confident that while our customers will appreciate the increased convenience of finding services near them, our merchants and partners will value the exponential increase in visibility and new business ‘Nearby’ feature will bring. This is a great example of how mobile technology can drive business across the retail industry by redefining the hyperlocal space.”

READ MORE: Paytm to hire 10K ground workers to expand its offline merchant network

The new ‘Add Cash’ feature allows customers to find the nearest points such as ICICI and Axis bank branches where they can get cash loaded in their mobile wallet. Paytm users can use any of these add cash points across the country. The ‘Upgrade your Wallet’ option lets customers become a Paytm VIP and earn benefits worth Rs 5,000 by doing KYC at the nearest Paytm agent.

The service can be used to pay for just about everything in our daily lives be it online or offline. Local taxi/autos, petrol pumps, CNG stations, grocery shops, restaurants, coffee shops, multiplexes, parking, pharmacies, local tea/vegetable vendors and newspaper vendors. It can also be used to pay at thousands of apps and websites for services like recharges and bill payments, movie tickets, travel bookings, food ordering, shopping and much more.

The company is aiming to get a larger market share in O2O categories by reaching every nook and corner of the country. As millions of Indians take to using Paytm to transact offline, the company has set a bolder target to achieve its goal of helping India go cashless. Currently India’s largest payment network, Paytm wants to touch 4 million offline merchants by March 2017.

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